General Agreement on Tariffs and Trade (GATT): AUTHOR (date): an international agreement signed by 23 countries in 1947, which became law in 1948 to facilitate international trade. It governed trade areas such as agriculture, textiles, investment legislation, and customs assessment methods.
WTO agreements: The set of agreements negotiated and signed by most of the world’s trading nations, forming the legal foundation of the World Trade Organization, which expanded the scope of GATT beyond goods to include services and intellectual property.
GATT rounds: A series of eight negotiation rounds held from 1947 to 1993, each producing significant trade outcomes and agreements.
Absorption of GATT into WTO: In 1995, GATT was integrated into the WTO, which extended its scope and established a more robust dispute settlement mechanism and broader coverage.
Sanitary rules for agricultural products: Regulations governed by GATT concerning health standards for agricultural exports and imports.
1. What is a key characteristic that differentiates the WTO from GATT according to their history and scope?
2. What was a consequence of the expansion of trade areas and agreements leading to the establishment of the WTO?
3. How should a company approach resolving a trade dispute if the issue relates to intellectual property rights and involves multiple countries?
WTO — full form?
World Trade Organization
GATT — signing year?
1947
GATT — main purpose?
Facilitate international trade
GATT rounds — duration?
1947 to 1993
GATT — absorbed into?
WTO in 1995
Trade agreements — examples?
CETA, TTIP
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